APL Apollo registers net profit of Rs 168 million despite COVID-19 pandemic
Aug 21, 2020
New Delhi [India] Aug 21 (ANI/NewsVoir): Bucking the COVID-19 induced downturn in the industry, APL Apollo Tubes Limited (APL Apollo), India's leading branded structural steel tube manufacturer has registered a considerable net profit of Rs 168 million in April-June quarter of FY-21.
The company's performance assumes significance since the entire industrial landscape in the country is marred with slowdown and shrinking demand.
Despite all the obstacles created by the pandemic and also less volume of sales, APL Apollo has done well and managed to earn the profit. Though there was a complete stoppage of production for 21 days due to nationwide lockdown, it gradually picked up the pace.
Notwithstanding these unprecedented challenges, APL Apollo has maintained its dominant leadership in the structural steel tube industry which demonstrates its ability to quickly adapt to the changing market situation and pioneer new innovations.
"It is due to disruptions from COVID-19 lockdown our sales volume declined in Q1FY21, but we still managed to maintain our market leadership. I am proud of the way Team APL Apollo has executed a strong business continuity plan focussed on Health, Cost and Cash. The company has resumed its operations with strict health and safety protocols. With our continuous focus on working capital and cost efficiencies, I am confident that the company will emerge stronger from this situation," said Anubhav Gupta, Chief Strategy Officer, APL Apollo Group.
The last couple of years have been the borne testimony to the dominance of APL Apollo in branded structural steel tubes segment. APL Apollo is looking to strengthen its pan-India presence on the back of the growing popularity of its state-of-the-art product range.
As per the plans, APL Apollo is in the process of launching several new products in the coming months. APL Apollo is constantly moving up the ladder with its strong pan-India network of fabricators and dealers.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
